The insurance broker said it would provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero.
WTW has announced the launch of an Asia Pacific Climate Risk Centre (ACRC) in Singapore.
The insurance broker said the centre reinforced its commitment to helping the region transition to a resilient, low-carbon economy.
WTW said it would support corporates, financial institutions, insurers and governments in understanding, quantifying and building resilience against climate risks.
It focuses on physical and transition climate risk assessment and quantification through top-down and bottom-up methods and proprietary models.
Asia Pacific is a key priority for WTW’s Climate Practice and a consolidation of decades of investment in climate risk capabilities, the insurance intermediary said.
“I welcome the launch of the WTW APAC Climate Risk Center in Singapore,” said Lawrence Wong, Singapore’s deputy prime minister, finance minister, and chairman of the Monetary Authority of Singapore, the country’s central bank and regulator.
“This centre will develop risk advisory, analytics and risk financing solutions to support transition efforts of firms in hard-to-abate industrial sectors key for Asia’s growth, such as real estate, transportation and natural resources,” Wong added.
“The establishment of WTW’s ACRC moves us towards the next phase of growth in the region as we build on our extensive experience in climate risk mitigation and management,” said Carl Hess, WTW’s CEO.
“Singapore is an important hub in the region’s drive towards a low-carbon economy, with its policy ambitions in green finance and green insurance. This, coupled with its well-established insurance market infrastructure, makes the country a natural choice for the new Centre.”
Simon Weaver, WTW’s head of Asia Pacific and head of corporate risk and broking, Asia Pacific, added: “APAC is on the frontline of climate change: natural catastrophes are already intense and frequent, whilst economic growth and population development mean the region will account for more than 70% of the expected growth in global energy demand over the coming years.
“Climate risk quantification and management, delivered through WTW’s ACRC, is another step forward in delivering on our commitment to offer clients a smarter way to quantify, mitigate and transfer risk.”